Intrinsic Value Calculation of ABC Corporation Stock

ABC Corporation has a current annual dividend of $3.00 per share. The company has a policy of increasing its dividends by 5% annually. Given that the required rate of return for an investor in ABC Corporation's stock is 10%, calculate the intrinsic value of ABC Corporation's stock using the Gordon Growth Model (Dividend Discount Model).

Additionally, consider that the intrinsic value you compute represents the theoretical price an investor should be willing to pay for the stock based on its expected future cash flows in the form of dividends.